Diesel, oil prices on rise

| 2/14/2005

The national average price-per-gallon for diesel fuel increased Monday, Feb. 14, to $1.986 from last week’s average of $1.983, the Department of Energy reported.

The highest average prices in the nation continue to be found in the New England region, where the average cost is $2.197.

Among the higher average prices were in California, at $2.196; the West Coast region, at $2.190; and the Central Atlantic region, at $2.150.

Other prices included the East Coast region, at $2.013; the Rocky Mountain region, at $2.011; Lower Atlantic region, at $1.938; the Midwest region, at $1.935; and the Gulf Coast region, at $1.915.

Meanwhile, crude oil prices rose Monday as the market looked for new direction.

Light, sweet crude for delivery in March rose 29 cents to $47.45 a barrel in afternoon trade on the New York Mercantile Exchange. Heating oil prices also rose, by less than a penny, to $1.3122 a gallon.

Simon Wardell, energy analyst at Global Insight, told The Associated Press that prices are in a holding pattern as the winter period draws to an end. The market’s focus now is on OPEC’s plans for the second quarter of 2005, he said.

The Organization of Petroleum Exporting Countries decided against production cuts at its Jan. 30 meeting, but said changes were possible before its mid-March meeting.